823 buying your first home to live in

Well, let's talk about-

[laughs]

...

the buying process.

All right.

So I guess, I think when we talk about the buying process, a lot of people start with looking at properties and making offers.

What do you think is the most important thing to do before you get to that point?

Well, I kind of ...

I'm thinking, I wanna maybe at the top of this episode, we'll go through the actual buying process, um, this figure in the book, and we'll pop it on the screen now just so everyone can see, and it kind of just steps out the process of buying a property.

Yeah.

Whether it is to live in or an investment, 'cause the property's the same.

The property doesn't know if it's a house or an investment property.

Um, I was thinking maybe asking you the key things that you've experienced-

Yeah

... on each step.

But, like, the first step is to make an offer and negotiate.

That's fine.

What are, what do you reckon the main things that we need to make sure that we've nailed before we start putting offers in and negotiating?

Yeah.

So I think that a common first home buyer mistake is to get out to look at properties and start to make offers before doing two things.

And the one thing is to talk to a bank or a broker about getting your preapproval in place so you understand everything about your finance side of the transaction before you start looking at properties.

Mm.

And the other one, which is very state specific, is to have an appointment with your conveyancer or solicitor.

So that's the person that has to be in the same state as you that act on your behalf from the legal side of a property.

And I think it's really important for first home buyers especially to get a game plan about how to negotiate on property before they actually go out and start to deal with things like open homes and real estate agents.